Bitcoin is flashing strong bullish reversal signal, according to crypto strategist – this is its target
Popular crypto analyst Kevin Svenson says that Bitcoin (BTC) Signals flashing suggesting that the leading crypto asset is after Market capitalization is in the early stages of a bullish reversal.
Svenson tells his 67,400 YouTube subscribers that Bitcoin appears to be demonstrating a “bump-and-run bullish reversal floor”.
“Bitcoin is now sitting in a pattern that is very similar to March  Covid crash pattern where we had an epic reverse bottom. A bump-and-run reversible floor. “
The bump-and-run reverse floor pattern is designed to help traders spot the end of one price trend and the beginning of another. The pattern usually occurs when there is excessive speculation in the market.
Svenson says the next big price hurdle will break the previous September high of around $ 53,500.
“So far, things are looking pretty good for the cops.
S.I’m not out of the woods yet, but I like what I’m seeing right now. “
BTC is trading at $ 51,231.57 at the time of writing, up about 9% from its price a week ago.
Svenson also says the Stop-and-Reverse Parabolic Indicator (SAR) is suggesting that Bitcoin is in the midst of a bullish reversal. The analyst thinks it is likely that Bitcoin will rise to new all-time highs in 2022.
But in the short term, Svenson sees Bitcoin rising first to $ 63,222 and then to $ 69,000.
Check price promotion
Source: Crypto News Deutsch